Saudi Arabia commits Rs 37.4 billion for Mohmand Hydropower

ISLAMABAD - In a major development, Saudi Arabia has committed SAR 901 million (Rs 37.4 billion) for Mohmand Hydropower Project.

Ambassador of the Kingdom of Saudi Arabia to Pakistan Nawaf bin Saeed Al-Malkiy called on the Federal Minister for Economic Affairs Omar Ayub Khan in his office.  The Saudi Arabian Ambassador apprised the Minister for Economic Affairs about successful visit of Prime Minister Imran Khan to Saudi Arabia and shared its outcomes.

During the meeting, the Saudi Arabian Ambassador informed that Saudi Arabian Fund for Development (SFD) has approved 901 million Saudi Arabian Riyal (Rs 37.4 billion) for Mohmand Hydropower Project.  The SFD has approved this financing at highly concessional terms with 2pc interest rate and 25-years repayment period.
This dam will be constructed on Swat River in District Mohmand of Khyber Pakhtunkhwa province and generate 800MW electricity. It will also irrigate 16,000 acre land and boost agriculture productivity in the region. This dam will play vital role in socio-economic uplift of the province. “Our government is focusing on environment friendly and affordable energy through development of solar, wind and hydel resources”, he added.